Bill Text: FL S0520 | 2015 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Long-term Care Insurance

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-05-15 - Chapter No. 2015-21 [S0520 Detail]

Download: Florida-2015-S0520-Introduced.html

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       Florida Senate - 2015                                     SB 520
       
       
        
       By Senator Grimsley
       
       
       
       
       
       21-00841-15                                            2015520__
    1                        A bill to be entitled                      
    2         An act relating to long-term care insurance; amending
    3         s. 627.94072, F.S.; providing additional forms for the
    4         mandatory offer of nonforfeiture benefits in long-term
    5         care insurance policies; providing an effective date.
    6          
    7  Be It Enacted by the Legislature of the State of Florida:
    8  
    9         Section 1. Subsection (2) of section 627.94072, Florida
   10  Statutes, is amended to read:
   11         627.94072 Mandatory offers.—
   12         (2) An insurer that offers a long-term care insurance
   13  policy, certificate, or rider in this state must offer a
   14  nonforfeiture protection provision providing reduced paid-up
   15  insurance, extended term, shortened benefit period, or any other
   16  benefits approved by the office if all or part of a premium is
   17  not paid. A nonforfeiture protection provision may be offered in
   18  the form of a return of premium upon the death of the insured or
   19  upon the complete surrender or cancellation of the policy or
   20  contract. Nonforfeiture benefits and any additional premium for
   21  such benefits must be computed in an actuarially sound manner,
   22  using a methodology that is has been filed with and approved by
   23  the office.
   24         Section 2. This act shall take effect July 1, 2015.